Cronos Group CRON, -6.86% CRON, -6.07% said Friday its third-quarter net income fell to $55.1 million, or 21 cents a share, from $95.2 million, or 18 cents a share, in the year-ago period. The latest quarter includes a $132.9 million gain on revaluation of derivative liabilities. Third-quarter net revenue at the cannabis company rose by $9 million to $20.4 million on growth in the Canadian adult use market, and increased cannabis sales in the U.S. and Israeli markets. Analysts expected a loss of 11 cents a share and sales of $23.9 million, according to a FactSet survey. Cronos said it expects to save $20 million to $25 million in 2022 as part of a strategic realignment initiative. The company also completed an audit committee evaluation and restated its second-quarter unaudited interim financial statements. Shares of Cronos Group rose 1.3% in premarket trades.
